ICCI calls for rationalization of taxes on real estate sector

Islamabad: President Islamabad Chamber of Commerce and Industry (ICCI) Sheikh Amir Waheed said that real estate sector was playing a key role in the economic development of the country.

In a statement here, he called for rationalization in taxes on this important sector to facilitate the growth of business activities. He was addressing a delegation of Islamabad Real Estate Welfare Group that visited ICCI led by Group Leader Ch.Abdul Rauf to congratulate the new office bearers of the Chamber ,said in statement issued by ICCI here on Friday.

Sheikh Amir Waheed said that business of thousands of people was directly or indirectly linked with real estate sector. Muhammad Naveed Senior Vice President and Nisar Ahmed Mirza Vice President ICCI assured the delegation that Chamber would raise their issues at all relevant forums for solution and would fully cooperate in efforts to provide relief to this sector.

Speaking at the occasion, Leader of Islamabad Real Estate Welfare Group Ch. Abdul Rauf and former resident, Islamabad Estate Agents Association highlighted various issues of real estate sector. He claimed that CDA has increased commercialization fee on real estate sector that has created additional problems and urged that CDA should bring down said fee.

He said Chairman CDA had approved 14 reforms of real estate sector that have not been implemented yet due to which problems still persisted.

Furthermore, he added that G-13, G-14 and some other sectors were started long time ago, but were not developed as yet and called upon the CDA and Housing Foundation to focus on early development of old sectors to ease the problems of allottees.